Hernandez, who went 13-11 with a 6.05 ERA with the Rockies and Twins last year, will make $1M and will have an opportunity to earn another $1M via incentive bonuses.

According to the report in the News, signing Hernandez, who will turn 34 later this month, likely means that Pedro Martinez will be pitching for another team in 2009.

Hernandez has a reputation as a workhorse, averaging 227 innings pitched per year, but over the last four seasons that number's dropped to about 211 innings a year. For his career Hernandez, who won a World Series with the Marlins in 1997, is 147-139 with a 4.37 ERA over 13 major league seasons.